My 2015 Year in Review

review of my 2015 goals

When I revamped this space, one of the goals I wanted was to track how far I’m getting along in my personal finance journey. I wanted to create a space where I can look at my month-to-month progress and see how each individual step/decision brings me to my financially independent future self. December 2014 was definitely an eye opener; Even though I thought I was in a decent place financially, I realized that at any point (due to job loss, big medical expense, etc.) that I could find myself in a precarious financial position. It was a sobering thought and I’ve been using the last twelve months to get myself out of the red into the black.

In December 2014, my total savings were $11,428.05. My total debts were $24,697.21.

My net worth as of December 2014 was -$13,269.16.

Although the majority of my debt was due to financing a car and my student loans, I realized I definitely should be focusing on having more money saved and working to pay down my car debt loan. Not only would paying down my car loan free up the $152.40 that I allocating to it but it would also help me to reduce my monthly car insurance since I wouldn’t be required to have comprehensive insurance added to my monthly premium.

As of December 22, 2015, here is my financial situation:

Debt-

Student loans:

$3,677.88 at 3.4%

$3,029.19 at 4.5%

$2,252.51 at 5.6%

$6,532.89 at 5.0%

Total student loans: $15,492.47

Car loans:

$5,094.35 at 3.39%

Credit Cards:

$0 balance

Total Debt: $20,586.82 (decrease of $4,110.39)

Savings-

 Retirement accounts:

$5,349.17

Personal Savings:

Emergency Fund balance at $5,000

Investment portfolio account balance: $6,364

Total Savings: $16,713.17 (increase of 5,285.12)

NET WORTH: -$3,873.65

Did you catch that? My net worth (although still in the red) jumped by nearly $10,000 in one year! It really goes to show how much consistently saving really makes a difference. I was only able to save approximately an extra $650 per month; in my mind, that didn’t seem like a whole lot of money. But over the year, each dollar has added up and has gotten me closer to a positive net worth. I can’t wait to see what I’m able to accomplish next year! I will be sharing my goals for 2016 in the next few days.

What have you accomplished in 2015? Let me know!

Thanks for reading.

Images: Death to the Stock Photo with graphics added by One Woman’s Worth.

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Author: One Woman's Worth

Born with a dollar and a dream. Hoping to double both in my lifetime.

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